Snowflake (NYSE:SNOW) Shares Down 3.3%

Snowflake Inc. (NYSE:SNOW)’s stock price was down 3.3% on Friday . The stock traded as low as $110.22 and last traded at $110.22. Approximately 2,467,433 shares traded hands during mid-day trading, a decline of 62% from the average daily volume of 6,548,161 shares. The stock had previously closed at $114.02.

Analyst Ratings Changes

SNOW has been the subject of several analyst reports. UBS Group dropped their price target on shares of Snowflake from $171.00 to $155.00 and set a “neutral” rating for the company in a research note on Monday, August 19th. The Goldman Sachs Group reiterated a “buy” rating and issued a $220.00 price objective on shares of Snowflake in a research report on Monday, July 1st. KeyCorp lifted their target price on Snowflake from $185.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. Hsbc Global Res upgraded Snowflake from a “moderate sell” rating to a “hold” rating in a report on Friday, August 23rd. Finally, Bank of America reduced their price objective on shares of Snowflake from $200.00 to $160.00 and set a “neutral” rating on the stock in a report on Friday, August 16th. Two equities research analysts have rated the stock with a sell rating, eleven have given a hold rating and twenty-five have given a buy rating to the company. According to MarketBeat.com, Snowflake currently has an average rating of “Moderate Buy” and an average price target of $176.03.

Snowflake Price Performance

The firm’s 50-day simple moving average is $121.87 and its two-hundred day simple moving average is $140.21. The company has a market capitalization of $37.19 billion, a price-to-earnings ratio of -39.36 and a beta of 0.83.

Snowflake (NYSE:SNOW) last released its quarterly earnings data on Wednesday, August 21st. The company reported $0.18 earnings per share for the quarter, beating the consensus estimate of $0.16 by $0.02. The firm had revenue of $868.80 million during the quarter, compared to the consensus estimate of $851.72 million. Snowflake had a negative return on equity of 19.62% and a negative net margin of 31.73%. Snowflake’s quarterly revenue was up 28.9% on a year-over-year basis. During the same period last year, the business posted ($0.52) EPS. On average, analysts expect that Snowflake Inc. will post -2.42 EPS for the current fiscal year.

Insider Activity at Snowflake

In related news, EVP Christian Kleinerman sold 558 shares of Snowflake stock in a transaction that occurred on Tuesday, September 10th. The stock was sold at an average price of $109.96, for a total transaction of $61,357.68. Following the completion of the transaction, the executive vice president now directly owns 759,473 shares in the company, valued at approximately $83,511,651.08. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Teresa Briggs sold 848 shares of the firm’s stock in a transaction that occurred on Friday, July 5th. The shares were sold at an average price of $142.98, for a total transaction of $121,247.04. Following the sale, the director now owns 4,247 shares in the company, valued at $607,236.06. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Christian Kleinerman sold 558 shares of the business’s stock in a transaction on Tuesday, September 10th. The shares were sold at an average price of $109.96, for a total value of $61,357.68. Following the completion of the transaction, the executive vice president now owns 759,473 shares of the company’s stock, valued at $83,511,651.08. The disclosure for this sale can be found here. In the last three months, insiders have sold 517,203 shares of company stock valued at $63,833,373. Insiders own 7.80% of the company’s stock.

Hedge Funds Weigh In On Snowflake

Several institutional investors have recently added to or reduced their stakes in SNOW. Accent Capital Management LLC purchased a new stake in shares of Snowflake during the 4th quarter valued at $25,000. LRI Investments LLC grew its position in Snowflake by 155.6% during the second quarter. LRI Investments LLC now owns 184 shares of the company’s stock valued at $25,000 after acquiring an additional 112 shares during the period. Wellington Shields Capital Management LLC acquired a new stake in Snowflake during the second quarter worth about $27,000. Riverview Trust Co acquired a new stake in Snowflake during the first quarter worth about $31,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Snowflake in the 1st quarter valued at about $32,000. 65.10% of the stock is currently owned by institutional investors and hedge funds.

About Snowflake

Snowflake Inc provides a cloud-based data platform for various organizations in the United States and internationally. Its platform offers Data Cloud, which enables customers to consolidate data into a single source of truth to drive meaningful business insights, build data-driven applications, and share data and data products, as well as applies artificial intelligence (AI) for solving business problems.